Extra Review
If you do not have great credit, the Extra debit card works with you to raise your credit score. It is a unique card in that it functions similarly to a credit card, offering you the chance to earn rewards while you build credit.
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Key Features
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- With Extra, there's no need to worry about setting up a new account. Extra connects to your existing bank account and your spending limit is the amount presently in your account.
- Though it functions like a debit card, Extra helps you build your credit without worrying about going into debt. Each month, Extra will gather the records of your purchases and submit them to two of the three major credit bureaus as credit-worthy payments.
- Extra offers a modest rewards program. You can earn one point for each dollar you spend using your Extra card. As you accumulate points, they can be redeemed for items in the Extra rewards store.
- Depending on the features you choose, Extra can cost as much as $144 a year. This is a high price to pay for a debit card.
The world of commerce is changing rapidly, with consumers enjoying a variety of new spending tools from which to choose. They key is to sift through the glitz and find which tool is best suited to your particular needs.
Enter – CardName debit card.
CardName is at the forefront of a new category of card, blending the benefits of debit and credit cards. In simplest terms, CardName offers the opportunity to build your credit score and earn rewards, while avoiding the possibility of falling into crippling credit card debt.
If you have poor credit or no credit, CardName could provide you the pathway to build your credit score in a meaningful way.
HOW DOES CardName WORK?
CardName can be used anywhere Mastercard is accepted and works like your typical debit card. However, unlike similar cards, you don’t have to set up a new account. CardName connects to your existing bank account and your spending limit is the amount presently in your account.
When you make a purchase, CardName "covers" that amount with the merchant. Then, the next day, CardName pays itself back out of your account. This way, you never accrue debt or interest charges connected to your purchase.
While functioning as a debit card, CardName offers features generally reserved for a credit card.
Each month, CardName will gather the records of your purchases and submit them to two of the three major credit bureaus as credit-worthy payments. In this way, you build your credit rating with each purchase you make.
To help you with your budgeting (and security), CardName sends you a notification each time your card is used to make a purchase.
In addition, CardName offers a modest rewards program. You can earn one point for each dollar you spend using your CardName card. As you accumulate points, they can be redeemed for items in the CardName rewards store.
HOW CAN YOU BUILD CREDIT WITH THE CardName DEBIT CARD?
No credit check is needed for approval. So even with poor credit or no credit, you can be issued an CardName debit card and start improving your credit score right away.
Every month, CardName gathers all the purchases and payments you’ve made using your CardName debit card and forwards that information to two of the three major credit bureaus as credit-worthy payments. That means every time you use the CardName card, you are helping boost your credit score.
In addition, because CardName is a debit card and not a credit card, you don’t have to worry about late payments or accrued debt, both of which can damage your credit score.
HOW MUCH DOES CardName COST?
The CardName debit card is not free. For the basic card, there is a flat subscription rate of $8 per month. Some quick math will tell you that adds up to $96 per year. That’s high, when compared to your average credit card. You can pay for one year up front at $84 ($7 a month).
However, if you want to take advantage of the rewards program, you can sign up for Extra Premium. The monthly fee jumps to $12 a month ($144 a year). There is a 25% discount by paying $108 up front for a full year.
On the plus side, the monthly fee is all you will ever pay with CardName. There are no transaction fees, late fees or other fees that can come with some credit cards.
WHAT ARE THE POTENTIAL DOWNSIDES OF THE CardName DEBIT CARD?
In addition to the monthly fee (taken directly from your bank account), there are some limitations to CardName you need to be aware of.
Unlike your bank debit card, you are unable to withdraw cash from an ATM using CardName.
While CardName reports to two of the major credit bureaus, it does not report to TransUnion.
Reward points can only be redeemed for items in the Extra Rewards Store. And you can only see what items are in the Rewards Store when you sign up for and are issued the Extra Premium debit card.
HOW DOES THE CardName DEBIT CARD COMPARE TO OTHER CARDS?
The unique nature of the CardName debit card makes comparison with other cards challenging. It’s important to remember that CardName is a debit card and not a credit card. That carries some protections but also some limitations.
CardName Debit Card vs. CardName
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While these cards are similar in terms of functionality, there are key differences in structure, fees and benefits.
We have mentioned that CardName can be connected to your existing bank account. With the CardName, you need to establish an online Sable Bank Account, then be issued the associated debit card.
On the other hand, while CardName charges a membership fee that can run anywhere from $72-$144 per year, Sable charges no annual or monthly fee.
CardName has the unique feature of reporting your debit card purchases and payments as credit-worthy payments to two of the major credit bureaus, helping improve your credit score. A Sable debit card doesn’t offer a way to improve or build credit; however, Sable also offers a secured credit card, which does help in that regard.
Both cards offer modest rewards programs, with cardholders earning one percent on all expenditures. Sable offers redemption in the form of cash back. CardName offers redemption only through its rewards store.
CardName Debit Card vs. CardName
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You might be wondering what the difference is between a secured credit card and a debit card. With CardName debit card, your "spending limit" is the balance in your regular checking account. With secured credit cards, you need to open a new account and make a "security deposit." Whatever this deposit is becomes your spending limit.
But CardName is structured a bit differently. You open an account and then Self issues you a small loan, generally between $500 and $1,700, which is placed into a locked account. You then make payments to Self on this loan (a minimum of $25 a month over a 24-month term). Once you have paid, in full, you will be given full access to the money in the account minus interest and fees.
The payments you make on the loan are reported to all three of the credit bureaus, helping build your credit score.
There is a second layer to this fiscal onion, though. Once you have made at least three on-time payments and have paid at least $100 in savings progress in your account, you will be eligible to be issued a secured credit card. Your spending limit for your card will be equal to the amount you have paid on the loan, creating a second way for you to build your credit score.
While this 1-2 credit building punch is attractive, it’s important to know it’s not cheap. The APR for the loan can run high, and there’s also a $15 fee for late payments. By contrast, as a debit card, CardName has no interest charges or late fees.
Another drawback to the Self secured credit card is that it does not offer a rewards program.
CardName Debit Card vs. CardName
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Introducing Credit Builder (effective 10/28/24, members can apply for Credit Builder without $200+ direct deposit requirement), to apply for Credit Builder, you must have an active Chime® Checking Account. Chime is a financial technology company, not a bank. The secured Chime Credit Builder Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank. Note: Visa exception: If the actual card is shown, we can remove "pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit/credit cards are accepted."
If CardName is a debit card that has features of a credit card, CardName is a secured credit card that has features of a debit card.
Like other secured cards, Chime® Credit Builder requires that you open a Chime account and make a security deposit. Your spending limit is equal to the amount of that deposit. With CardName, you are connected to your regular bank account, with your spending limit equal to your balance.
An attractive feature of CardName is that it charges no annual fee. Moreover, it charges no interest rate1 on your balance. This is different from many other secured credit cards and is a welcomed feature if you are on a shoestring budget, looking to build your credit score. As a debit card, CardName charges no interest. However, it does have a membership fee structure that ranges from $72 – $144 a year.
Neither card requires a hard credit check for approval.
Chime Credit Builder Secured Visa has no rewards program. CardName debit card has a modest rewards program, offering one point for each dollar spent. Points can be redeemed in the Extra Rewards Store.
WHO IS A GOOD FIT FOR THE CardName DEBIT CARD?
If you are a young person with no credit or very limited credit, CardName can be an excellent, no-risk way to establish a credit history and build your credit score.
Similarly, if you have "bruised" credit in need of repair, CardName can help you start re-building your credit immediately, with no chance of falling into debt and damaging your credit even more.
Disclaimer:The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we cannot guarantee the accuracy of the information in this article. Reasonable efforts are made to maintain accurate information. See the online credit card application for full terms and conditions on offers and rewards. Please verify all terms and conditions of any credit card prior to applying.
This content is not provided by any company mentioned in this article. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any such company. CardRatings.com does not review every company or every offer available on the market.
1Out-of-network ATM withdrawal and OTC advance fees may apply. View the Bancorp agreement or Stride agreement for details; see back of card for issuer.